Western Asset Variable Rate Strategic Fund Inc. Portfolio Composition as of June 30, 2018
August 02 2018 - 5:31PM
Business Wire
Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)
announces its portfolio composition as of June 30, 2018.
Investment Objective: The Fund’s investment objective is
to maintain a high level of current income.
Portfolio Composition*:
Asset
Allocation
Mortgage-Backed Securities
51.0%
Non-Agency MBS
37.2%
GNMA
5.3%
Agency Hybrids
1.4%
FNMA
1.5%
CMBS
5.6%
Investment Grade Corporate
Bonds
29.9%
Asset-Backed Securities
9.2%
Emerging Market Debt
5.0%
Sovereign Debt External Currency
1.3%
Sovereign Debt Local Currency
1.4%
Corporates External Currency
2.3%
High Yield Corporate Bonds
3.6%
Government
2.9%
Bank Loans
1.5%
Cash & Other Securities
-3.1%
Credit Quality
Allocation**
AAA 18.8% AA 8.3% A 14.5% BBB 25.4% BB 7.5% B 4.4% CCC 6.9% CC 2.9%
C 0.1% Not Rated 11.1%
Top Five
Investment Grade Industries
Banking
15.1%
Consumer Non Cyclical 4.1%
Energy
2.7%
Consumer Cyclical
2.6%
Capital Goods
1.7%
Top Five High
Yield Industries
Communications 1.7% Energy 0.8% Banking 0.6% Finance Companies 0.2%
Capital Goods 0.2%
Top Emerging
Market Countries
Mexico 1.8% Brazil 1.3% Russia 0.6% Israel 0.5% Kuwait 0.2% United
Arab Emirates 0.2% Chile 0.2% Saudi Arabia 0.2%
Currency
Allocation
US Dollar 97.8% Mexican Peso 1.3% Brazilian Real 0.7% Argentine
Peso 0.1%
Average Life (years)
5.8
Effective Duration (years)
1.4
Average Coupon (%)
4.1
Portfolio Statistics:
Inception Date
October 26, 2004
Inception Price
$20.00
Total Assets***
$109,679,885
Net Assets
$84,981,493
Loans****
0.00%
Preferred Shares****
0.00%
Reverse Repos****
22.52%
Market Price
$16.63
NAV
$18.20 (Daily NAV is available on market quotation systems using
the symbol XGFYX.)
Distribution Rate
$0.07750 per share
Frequency Monthly
(Declared quarterly, paid monthly)
* Portfolio holdings and weightings are historical and are
presented here for informational purposes only. They are subject to
change at any time. **
Credit quality is a measure of a bond
issuer's ability to repay interest and principal in a timely
manner. The credit ratings shown are based on each portfolio
security’s rating as provided by Standard and Poor’s, Moody’s
Investors Service and/or Fitch Ratings, Ltd. and typically range
from AAA (highest) to D (lowest), or an equivalent and/or similar
rating. For this purpose, when two or more of the agencies have
assigned differing ratings to a security, the highest rating is
used. Securities that are unrated by all three agencies are
reflected as such. The credit quality of the investments in the
Fund's portfolio does not apply to the stability or safety of the
Fund. These ratings are updated monthly and may change over time.
Please note, the Fund itself has not been rated by an
independent rating agency.
*** The difference between total assets and net assets, if any, is
due primarily to the Fund’s use of borrowings; net assets do not
include borrowings. The Fund may employ leverage in the form of
loans, preferred stock, reverse repurchase agreements and/or other
instruments. When the Fund engages in transactions that have a
leveraging effect on the Fund’s portfolio, the value of the Fund
will be more volatile and all other risks will tend to be
compounded. **** Percentages are based on total assets. If the Fund
employs leverage, the Effective Duration is based on net assets.
Western Asset Variable Rate Strategic Fund Inc., a
non-diversified closed-end investment management company traded on
the New York Stock Exchange under the symbol “GFY”, is advised by
Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of
Legg Mason, Inc., and is sub-advised by Western Asset Management
Company, an affiliate of the advisor.
An investment in the Fund involves risk, including loss of
principal. Investment return and the value of shares will
fluctuate. Fixed income securities are subject to credit risk,
inflation risk, call risk, and interest rate risks. As interest
rates rise, bond prices fall, reducing the value of the Fund's
share price. International investing is subject to additional
risks. These risks are greater in emerging markets.
Data and commentary provided in this press release are for
informational purposes only. Legg Mason and its affiliates do not
engage in selling shares of the Fund.
For more information, please call Fund Investor Services at
1-888-777-0102, or consult the Fund’s web site at
http://www.lmcef.com. Hard copies of the Fund’s complete audited
financial statements are available free of charge upon request.
FN1112205
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For Western Asset Variable Rate Strategic Fund Inc.Fund Investor
Services, 1-888-777-0102
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